NatWest Group has completed the acquisition of leading UK wealth manager Evelyn Partners for £2.7bn enterprise value, effective 30 June.
Initially announced in February this year, the launch has created the UK’s leading private banking and wealth management business with a combined £127bn in assets under management and administration (£59bn from NatWest and £69bn from Evelyn Partners).
Emma Crystal, CEO of Private Banking and Wealth Management at NatWest Group, said: “This is a pivotal moment for our combined business, bringing complementary capabilities and scale to the expertise and service that we offer our clients.”
NatWest Group CEO Paul Thwaite added: “Together, we are now the UK’s leading private banking and wealth management business
“As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence.”
NatWest expected this combination to create “material shareholder value” and revenue synergies by combining Evelyn Partners’ financial planning and investment capabilities (including Bestinvest), with NatWest savings and wealth management services.
Chris Kenny, CEO of Evelyn Partners, said: “Becoming part of NatWest Group strengthens our ability to support them over the long term, while preserving the personal relationships, trusted advice and investment expertise that they value from Evelyn Partners.
“This is an exciting opportunity for our people to build on what we do best, combining our strengths with those of our new colleagues at NatWest Group to deliver even greater value for clients, both now and in the years ahead.”
See also: NatWest buys Evelyn Partners for £2.7bn: ‘Sweetens market’ with £750m share buybacks
